UPI is an instant payment interface that allows users to transfer money via an app by keying in a simple 4-6-digit pin without having to shar any bank details.

In October 2016, two months after UPI was launched, the ratio of wallet-to-UPI transactions stood at 96:4. By March 2017, the scales had tipped massively. Wallets were left with a far smaller 36% of the share as UPI raced ahead...